Dublin, July 03, 2024 (GLOBE NEWSWIRE) -- The "Egypt Farm Equipment Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
Egypt's farm equipment market is projected to grow at a CAGR of 4.18% over the forecast period, increasing from US$1554.070 million in 2022 to US$2070.468 million by 2029.
The Egypt farm equipment market is on the brink of significant expansion in the upcoming years, driven by the mounting pressure on food resources due to the country's rapidly growing population. To address this escalating demand, farmers must ramp up their productivity, a feat achievable through the adoption of cutting-edge farm equipment. Acknowledging this urgency, the Egyptian government is funneling substantial investments into agriculture, focusing on initiatives that streamline the acquisition of such equipment.
Moreover, the agricultural sector grapples with a shortage of skilled labor, necessitating the integration of technologies like precision agriculture to bolster efficiency and output. The surge in Egypt's population from 27 million in 1960 to over 100 million in 2020 has led to a noticeable uptick in crop demand.
This underscores the critical role of agriculture in Egypt, not only as a driver of economic growth but also as a key player in poverty reduction. Currently contributing 11 percent to GDP and employing more than a quarter of the population, the sector holds immense significance in the country's socioeconomic landscape.
The recent surge in the annual area harvested for corn, from 930,000 hectares in 2022-23 to 950,000 hectares in 2023-24, highlights the sector's resilience and potential. Consequently, there's a heightened demand for irrigation and other agriculture equipment geared towards optimizing water usage. This growing awareness underscores the necessity for advanced farm equipment tailored to sustainable practices and irrigation solutions, essential for addressing the pressing demands on the horizon.
Furthermore, the use of advanced farm equipment in the country will provide an impetus to agricultural productivity resulting in enhancing additional export capacity. For instance- as per USDA, wheat exports in 100 MT reached 800 in July 2023 from 300 in July 2021.
The Egypt farm equipment market for the sowing & planting segment is anticipated to grow
Planting equipment offers consistency in a shorter amount of time. Planting equipment has greatly increased productivity and simplified and eased the work. Automation has led to a significant increase in productivity and efficiency in the agriculture sector.
The market is anticipated to be propelled by the rise of automation and ease of use of planting and sowing machinery in Egypt. Further, manual labor is reduced when machinery is planted. In the agricultural sector, it is used in the seeding procedure. The old-fashioned seeding method has been replaced with new, innovative planting tools. For instance, Egypt has planted 3.062 million acres of wheat, an increase of roughly half a million acres over the same period in 2022.
Moreover, farming tasks can be completed efficiently and rapidly with the use of planting tools. Growth in the agricultural sector is expected to drive up demand for the planting and sowing segment. A wide range of components, such as fluted rollers, furrow openers, seed drillers, and seed meters, are included in planting equipment to guarantee effective farming and optimal land use.
Several governmental organizations in Egypt have announced low-interest rates, reduced import taxes, and various programs aimed at improving soil quality and streamlining and simplifying cultivation. The government has enacted several laws and regulations to promote the farming industry, which are creating profitable prospects for market expansion. For instance, an international organization called ICARDA has been conducting research for development to offer cutting-edge, scientifically grounded agricultural solutions for more than 40 years.
Research collaborations help Egypt's agricultural sector become more resilient to a variety of challenges, including water scarcity, climate change, and an increasing reliance on imported food. Additionally, they offer a variety of activities, such as raised-bed planting, which is a more effective and sustainable method of irrigation than traditional methods. It entails planting crops on ridges and directing irrigation water to the bottom of furrows.
Moreover, 24 million tonnes of cereal were expected to be produced overall in 2023, which is roughly 4% more than the five-year average. Of all cereals produced, wheat accounts for about 40% of production. 9.7 million tonnes of wheat are expected to be produced in 2023, which is roughly 7% more than the five-year average. Almost two weeks before the 2024 wheat crop planting season began, the government announced that the procurement price would increase from EGP 885/ardeb (150 kg) in the previous marketing year to EGP 1 600/ardeb (150 kg) to support wheat production and increase purchases of grains by the Ministry of Supply and Internal Trade.
Key Players:
- Agriemarais a leading provider of farm equipment, tractors, and machinery for diverse farm needs. The company also provides spare parts related to various machinery so as to maintain a relevant market position across its operating markets.
- Sonalika Groupis a pioneer in farm mechanization delivering innovative agricultural solutions and equipment to enable farmers to achieve high Agri output.
- Agrimont Industrial Groupis one of the leading market suppliers of farm equipment products. The products supplied by the company enable farmers to gain higher cultivation and smooth farm operations.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 70 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $1554.07 Million |
| Forecasted Market Value (USD) by 2029 | $2070.47 Million |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | Egypt |
Competitive Environment And Analysis
- Major Players And Strategy Analysis
- Market Share Analysis
- Mergers, Acquisitions, Agreements, And Collaborations
- Competitive Dashboard
Company Profiles
- Agriemara
- Sonalika Group
- Agrimont Industrial Group
- Agripak Group
- Vermeer Corporation
- Mantrac
- JCB
Segmentation:
By Type:
- Combines
- Plows
- Sprayers
- Planters
- Others
By Function
- Plowing & Cultivation
- Sowing & Planting
- Plant protection & Fertilizing
- Harvesting & Threshing
- Others
By Application Period
- Pre-Harvesting
- During and Post Harvesting
For more information about this report visit https://www.researchandmarkets.com/r/5tj14b
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